Firm Equities Push Copper Above $4.40 Per Pound Mark
COMEX Copper futures stayed largely supported as equities edged up today as the red metal managed to cut losses after testing two and half month lows last week. COMEX Copper futures are trading at $4.42 per pound, up 0.75% as tepid Chinese economic cues boosted hopes of a stimulus from policymakers. Media reports noted that China's 10-year government bond yield fell under 2.20% mark, reaching an all-time low. Copper has been pulled down recently amid soaring inventories and worries over Chinese economic health.
Meanwhile, Asian stocks started the week on firm note. China’s Shanghai Composite index soared 0.92%. Japan’s Nikkei 225 index rose 0.12%. European stocks stayed supported on Monday. German DAX index added 0.15% while French CAC jumped 1.50% on the day as first-round French election results gave far-right alliance 33% of vote. UK’s FTSE 100 added 0.35%. US stocks eased on Friday. The Nasdaq slid 0.7% while Dow posted eased 0.1%.
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